State Street Corporation (NYSE:STT) today announced that it has been chosen as custodian and administrator for the more than A$30 billion in funds invested for members of Brighter Super.

State Street will provide a sweeping range of services to Brighter Super’s more than 130 portfolios across multiple asset classes including equities, fixed income, private assets and derivatives.

Brighter Super Chief Financial Officer Garnett Hollier said:

“After a competitive tender process, we selected State Street as we believe they have the proven capability in servicing superannuation funds, the global network and scale, as well as local presence in Brisbane and an extensive superannuation client community that will bring enormous benefits to our members.”

State Street Country Head, Australia, Tim Helyar said:

“This significant mandate further demonstrates State Street’s commitments not only to Australia’s superannuation industry but also Queensland as an important on-the-ground location for servicing our clients.”

Under the new mandate, State Street will provide Brighter Super fund accounting and unit pricing, custody, administrative services, alternative investment services, taxation services, financial and regulatory reporting, performance and analytics, investment mandate monitoring and securities lending.

Brighter Super has sought to use the increased size it gained from the merger of LGIAsuper and Energy Super in 2021 and the acquisition of Suncorp Super, which was completed last year, driving efficiencies of scale and fee reductions for most members.

“At Brighter Super, we recognise both the need for, and the opportunity arising from, the current industry consolidation because we have been a part of it with our own series of mergers,” Mr Hollier said. “One of the major benefits is attaining sufficient scale and being able to take full advantage of technological advancements, and this is what our partnership with State Street will allow us to do.”